What is trunk, branch and tag in Subversion?

The answer by David Schmitt sums things up very well, but I think it is important to note that, to SVN, the terms 'branch', 'tag', and 'trunk' don't mean anything. These terms are purely semantic and only affect the way we, as users of the system, treat those directories. One could easily name them 'main', 'test', and 'releases.'; As long as everyone using the system understands how to use each section properly, it really doesn't matter what they're called.